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Immediate Life Annuity

Immediate Life Annuity - a guaranteed regular income for life that can be bought with funds from savings, investments or inheritance rather than a pension fund
Here are some of the features of our Immediate Life Annuity plan.

  • Easy for clients to buy - they can use funds from savings, inheritance and their pension tax free cash.
  • May qualify as a Purchased Life Annuity, with associated tax benefits.
  • Range of options can help you to tailor it to individual client requirements.
  • Clients can choose to have their income monthly, quarterly, half-yearly or yearly.
  • Offers a choice of income payments- same amount each year or increasing each year by a fixed percentage.
  • Option to pay an income to a surviving dependant when client dies .
  • Your client can choose an option that guarantees on their death their estate will get back the value of the money put into the annuity, less any payments that have been made.
  •  For further information please refer to the key features document.
Here are some of the facts you need to know about our Immediate Life Annuity plan.

Product details

 

Criteria

Min/MaxDetailNotes
Age Limits

 

Min age

55If payment is to cover two people’s lives then both applicants need to be aged over 55 but only one person needs to be below 95.
Max age95
Term

 

Min term

NoneIncome is paid for life
Payment LimitsMin payment to start plan£7,500
£100,000


If being bought from own funds
If being purchased by trustees of a will or settlement

Max payment to start plan

  £2,000,000 
Here are the commission and charges for our Immediate Life Annuity plan.

Charges


There are no additional charges for clients to pay. All charges for setting up and running our Immediate Life Annuity are taken from the fund used to buy it and taken into account when setting the income level of the annuity. If we have to issue a requote due to information being incorrect or incomplete then we will levy a charge of £40 per rewrite.

 

Commission


2% plus uplift Rebating in 5% steps is allowed

Here is some information to help you to decide if our Immediate Life Annuity plan is right for your client.

We’ve designed our Immediate Life Annuity to suit specific types of clients. Here’s an at-a-glance checklist to help you decide which of your clients it might suit.

 

 

Designed for customers who

Not designed for customers who 
  • Are typically aged between 55 and 95
  • Want a regular income for life
  • Want a product with no investment risk
  • Are able to meet the minimum investment criteria
  • Want greater flexibility over the level of income and are willing to accept the additional risk this may involve
  • May want the option to change their income arrangements in the future, as they cannot change or cash in the plan, even if their personal circumstances change
 Key considerations Possible alternatives
  • Life expectancy
  • Dependants
  • Your clients' age
  • Your clients' tax circumstances
  • Other forms of savings and investments
Here are some examples of the support we offer you on our Immediate Life Annuity plan.

Secure services


You can now obtain a quote for our Immediate Life Annuity plan through our secure services

 

We have a wide range of support staff to help you, click here to find the right number that meets your needs. 

 

WA12004 04/2010

Quick quote

Related documents

For Adviser use only. This information has not been approved for use with customers.

Aviva Life Services UK Limited.
Registered in England No 2403746. 2 Rougier Street, York, YO90 1UU.
Aviva Life Services UK Limited is authorised and regulated by the Financial Services Authority.